Arnold Comes Back to New Mexico

Well, by all accounts Arnold had a great time in New Mexico. One of my friends saw him at the gym downtown and he was pushing iron with the locals. Wonder what his six pack looks like for an "older guy." His godson in LA went to elementary school with my daughter, but I restrained myself from going down to the gym to say "Hi!". I doubt that he would remember that birthday party where he made an 8-year olds day by dancing with her!

Sales up but values down in ABQ, NM

Albuquerque like the rest of the US saw home prices falling after some small gains in home values in the Summer and Spring of 2011. In ABQ, almost 30% of home sales are short sales or foreclosed home where the bank takes 20-25% of the market value for a home. For a Seller, these distressed properties depress the value of nearby homes. For Buyers, there continue to be terrific values out there especially with low interest rates. The average median price in ABQ area was $167,000 in October down 7% from last year. Recovery is a long way off. To see an excellent article on the national trend click on the link below.
http://goo.gl/mrHEc

Brainpower Ranking High in ABQ

Albuquerque has been ranked among major U.S. cities for 'brainpower' in On Numbers' analysis of educational attainment in 269 communities with more than 100,000 residents.
The Duke City ranked No. 68 in the analysis. The city's population in 2009 was estimated at 515,107. The educational numbers show almost 14 percent of all adults (25 or older) have earned graduate and/or professional degrees.
Nationally, Ann Arbor, Mich.; Cambridge, Mass.; and Berkeley, Calif., hold the top three spots.
In my practice, I deal with many, many clients from Sandia lab, UNM, and even Los Alamos. I enjoy the logical thinking and analysis those clients demand. My husband, the aerospace engineer, says I'm a "closet engineer" but don't tell anyone!

Brainpower Ranking High in ABQ

Albuquerque has been ranked among major U.S. cities for 'brainpower' in On Numbers' analysis of educational attainment in 269 communities with more than 100,000 residents.
The Duke City ranked No. 68 in the analysis. The city's population in 2009 was estimated at 515,107. The educational numbers show almost 14 percent of all adults (25 or older) have earned graduate and/or professional degrees.
Nationally, Ann Arbor, Mich.; Cambridge, Mass.; and Berkeley, Calif., hold the top three spots.
In my practice, I deal with many, many clients from Sandia lab, UNM, and even Los Alamos. I enjoy the logical thinking and analysis those clients demand. My husband, the aerospace engineer, says I'm a "closet engineer" but don't tell anyone!

Two Filming Starts in NM

The feature film "Stars" is shooting in and around Santa Fe and in one of my favorite NM historic places - Gallisteo. I once met a local "healer" there, Jose Ortiz y Pino, who saw my dead mother on my shoulder! Only in New Mexico.

The other film is a pilot episode of "The Tin Star" which is, of course, a Western. What better place than NM for a Western as in most places one finds remnants of places over 100 years old. Gotta love it.

Speaking of, I have a real historic property for sale in Cuchillo by Elephant Butte Lake which is a 150 year old stagecoach stop. It includes an old bar, hotel, mercantile and all the relics. Oh plus a restored 3 bedroom home to live in while you restore this historic property. Call me or check my website if you need a good location for filming or to buy.

Refinancing Home Loans Now Easier

The government announced enhancements to a refinance program that will enable homeowners whose mortgage balances are higher than their home values to refinance at today's low interest rates. Here's the skinny on what the program revisions mean to consumers.The Home Affordable Refinance Program was launched in March 2009 as part of the Obama administration's Homeowner Affordability and Stability Plan. But the program has fallen well short of helping the 4 million to 5 million borrowers originally projected largely because many of the prospective recipients have seen their home values plummet over the past few years.So the Federal Housing Finance Agency announced that equity requirements are being eliminated from the program. The regulator had previously limited the loan balance to 125 percent of a home's appraised value. The program changes will be implemented by Fannie Mae and Freddie Mac by Nov. 15. The two secondary lenders buy loans from banks and mortgage bankers, package and sell the loans to investors, and guarantee the payments to investors. Downside is that Lenders aren't required to participate in the program, so there are no deadlines in place for when the program might be available at a particular lender. Eligible borrowers are advised to contact their existing lenders or any other mortgage lender offering HARP refinances.I recently achieved Certification as a Distressed Properties Expert do if you know of anyone who has concerns about their mortgage or getting into a default situation, have them contact me. Judy@JudyPierson.com or call 505-220-9193.

ABQ & Rio Rancho Home Sales Show Signs of Life

While the number of people who bought existing homes fell slightly this last month, the sale of new homes in NM rose slightly. The median price of sold existing homes rose 5% from August to now with a median price at $171,500. The average price of new homes fell as builder's target first time homebuyers.
Interestingly, activity among first-time home buyers accounted for 32% of all sales. These buyers are critical to get the ball rolling, so to speak, because for every house they buy the Seller has to buy "up" the food chain. Sale by first-time home buyers is an important indicator for a recovering home market.
Another good indicator is that foreclosures edged down to 30% of sales. As these discounted distressed properties clear out of the inventory, home prices will tend to rise. In certain neighborhoods in RR and ABQ, I see this happening. And because of the continued presence of these properties, I just got certified as a Distressed Properties Specialist so I can be responsive to all my clients. Hopefully, in the next year or two that specialty certification won't be needed!
To see what is happening in any part of RR or ABQ, simply go to my website at www.judypierson.com and click on Market Snapshot for current and trended sales activity. Call me if you want more information or a consultation about buying or selling here.Give me a call at 505) 220-9193

Albuquerque Ranked 13 of Top Fifty US Cities!

Albuquerque was listed 15th among America's 50 Best Cities according to a Businessweek story. Boston was 16 and New York was 14. We were higher than Phoenix (of course!) which ranked 49 and Denver which ranked 27. To quote the article, "With the Rio Grande running through and the Sandia Mountains to the east, New Mexico's largest city is a picturesque and sunny place to live. The schools are great, unemployment is low and there are lots of park acres per person." The ranking is based on various metrics of quality of life, such as number of restaurants, museums per capita; number of colleges, libraries and professional sports teams; the income, pverty, crime and foreclosure rates; percentage of population with higher degrees and air quality.
As a real estate agent, I get a snapshot every day of why people want to move here and why people love it here. The standard reason for loving ABQ is the weather (no we are not HOT like Phoenix) and the frienliness of people. The weather encourages lots of outdoor activities. The main reasons for moving here are for retirement or job transfer. Right now we are busy with both types of buyers. Plus a rush of buyers who are in their twenties, married or not. Wish I had been that smart in my twenties! They are getting rates in the low "4's" so that's an incredible deal.
Call me if you want more information or a consultation about buying or selling here in the top ranked City.

ABQ Home Sales Sag In July

Home Sales Sag In July. That is the headline but what’s behind the numbers? First of all, we had some terrible financial uncertainty that threw everyone off guard for a couple of weeks. That will stop things dead in their tracks. While it is true that the housing recovery in ABQ is up and down, we see a steady solid influx of new buyers and a few new sellers. Usually, sellers have already got their homes on the market to catch the summer traffic. In ABQ, new listings always slow come Fall and Winter. Sales in ABQ have been steadily rising month by month bucking the national trend until July. Compared to last year however, sales are up by 12 percent. The home prices went up but are still below last year’s level. Statistics can be viewed at www.gaar.com. Call me if you want to see what this means for you.

Housing Forecast Points to Rising Activity

Home sales are expected to stay on an uptrend through 2012. The chief economist of the National Association of Realtors, Lawrence Yun, expects 5.3 million existing-home sales this year, up from 4.9 million in 2010, with additional gains in 2012 to about 5.6 million. Rates are lower than low so call if you would like to buy or sell. Now is the time.

NEW FHA LOANS FOR IMPROVEMENTS

Often the barrier to buying a bank owned property is the cost of repairs needed after it's yours. Now there is an FHA 203K loan program for owner occupied purchases of single family homes.that allows the buyer to finance the cost of repairs and improvements. The minimum to borrow is $5000 and the maximum is $35,000. It's not for investors to flip or for major additions or improvements. The list of items allowed, however, is extensive --- roofing, flooring, cabinets, paint, stucco, driveways, countertops, plumbing, HVAC and the list goes on. The work must be done by licensed contractors and completed within 6 months after closing. The appraisal would be one for the "as is" value and one for the "as repaired" value. This program is ideal and of course, FHA only requires 3.5% down payment. The VA doesn't have the program yet.
Are there bank owned properties available still? By all means, but they move quickly. Most buyers are reluctant now to go after short sales because they take so long and are so unpredictable. But the bank owned properties go fast. In May in ABQ, 50 new ones went on the market and 160 went under contract. The inventory is being eaten up quickly. Part of the reason is that the deals close in a month and the prices are low averaging $85 per s.f. In the northeast heights, only 4.5% of all listings are bank owned compared to 15% in the southwest part of the city.
We are set up with the few lenders in town who do these new FHA programs so call and we'll get you a good REO property and the repair loan. It's a good deal. Call me at 505-220-9193.

GOOD TIME TO BUY A HOUSE

We’ve all experienced that “If only I would have” moment in our lives and with out a doubt we are at the threshold of another of another one of those times with respect to home ownership. We are seeing home prices at levels not seen for more than 12 years. Foreclosures are the primary driver for this phenomenon and the banks are accepting offers at $50 to $60 dollars per sq ft all over town. With out a doubt Now is the time to buy to avoid another “If only” moment. Give us a call 505-220-9193 or start your search on our website.

SPRING GARDEN ACTIVITIES

With the nice weather this last week, weren't you tempted to go and buy flowers to plant? After that freeze we had, we are all ready for Spring! But last night it dropped again below freezing so what can we really do to get ready for Spring? For one, we can water once a week. Next we can do a final cleanup on our garden beds and replant any volunteer seedlings that are shooting up. It's so nice to see the green shoots coming up through the winter dead plants. We can amend the soil especially with iron. Personally, I need to fillin the holes my dog dug burying bones in the winter lawn. I keep her off the lawn in the Spring & Summer. She won't be happy but Huskies dig.
Speaking of lawn, the Journal had a good article today about not powerraking to remove thatch. Instead, to aerate by making plugs and leaving them on the lawn. In Africa, we teach our villagers to do the same thing. Maintain the ground cover and make sure the soil surface is broken so that air and water and nutrients can enter. Same principles work here.
Soon we can break out the lawn chairs and barBQ!

ABQ No. 2 as Film Friendly

MovieMaker magazine has ranked ABQ as the No. 2 city among the top 10 cities for independent filmmaking. The ranking is for the best place to live and work in the film business. Boston ranked No. 1 which I don't get. We are so much better at so many levels. The best place to live is definitely our strong suit. Great weather, friendly people, accessible amenities and great home prices. We have tons of good buys on the market now so if you are interested in investing in a second home or investment property, give me a call. 505-220-9193.

Fire Hazard Warning

A friend just sent me this after having a fire in her bathroom. I will be removing all the Globe bulbs from my house. CFL bulbs are a great energy saver but make sure you buy a name brand like Sylvania , Phillips or GE and not the ones from China . An electirician told me the plug-in air fresheners are their fire hazards too. Just a word of caution.......

30 Mortgage Rates Up

The average rate on 30-mortgages toped 5 % this month. Rates followed Treasury notes fueled by fear of higher inflation. Five percent is still wonderful though. It’s all relative but some of us remember 18% rates! 5% is a once in a lifetime opportunity for this buyer’s market. On a $200,000 loan compared to November’s rates is still less than $100 per month. And with enough down and a score above 650 you might get a rate of 3.5%. It’s all relative, but still great! Go on my website to Mortgage Center to get a quote.

Kennedy's coming to New Mexico

Well, not literally but the production on the Kennedy's is coming to our locally produced ReelzChannel. And the productions just keep coming. We love the industry here in Albuquerque. We hope the new Govenor does too!!!!

If your on the production team and are thinking of taking the plunge and buying a house here, go to my website and check out home prices under Market Snapshot.

True Grit in NM

Saw True Grit this weekend and really enjoyed it. The performances were excellent although I found the film slow. Somehow I remember the original one more suspenseful and entertaining. What I did love about this film was the New Mexico setting. Nothing beats the beauty of northern New Mexico which like a chameleon can become anything the film needs it to be from an 1800 site to a stark future-scape as in Denzel's film this last year.

How could someone not want to move here and explore our Enchanting state even more? Well, if you want to find some good vacation homes in Northern New Mexico with lake access, call me.

Real Estate Predictions for Albuquerque

Well, here goes....... my personal Crystal Ball for 2011. What is the good news? Prices will continue to stabilize and inch up month by month. Mortgage rates will go up to 5% which still is terrific. All and all, it will be a good time to buy because buyers can have some confidence that if they make an investment now, the value will hold and begin to appreciate over the next five years. Already, I have more buyers who want to purchase in this first quarter than I have had in the last two years. I sense that people are more secure in thier jobs as the mass layoffs have all but disappeared, and the stock market is positive so no more losses are expected in that arena. Retail sales are up and real estate is next, I think. For sellers, the time to sell will be better in 2011. Prices won't be up from the past two years, but the slide downward in value has largely stopped. There are foreclosures that will need to be sold this year and those are tough competition, but that too shall end. The thing I see is the return to a "Fair Market" value. Not that buyers won't still come in with low offers, but they quickly up the offer when the Seller counters at a reasonable price. Homes that are selling are selling at fair prices. Homes that are in good condition and fairly priced sell within 60 days. The days of wildly inflated prices, and profits, from real estate may be over, but property once again will be a good, reliable investment for the future. I am forecasting an improved market. There it is..... my Crystal Ball. Call me if you want to discuss your particular situation. 2011 will be the year to make a move!